Canoo (NASDAQ:GOEV) Shares Up 1.4%

Canoo Inc. (NASDAQ:GOEV) shares shot up 1.4% on Monday . The company traded as high as $3.00 and last traded at $2.89. 1,294,864 shares were traded during mid-day trading, a decline of 83% from the average session volume of 7,588,944 shares. The stock had previously closed at $2.85.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GOEV. Alliance Global Partners lowered their price objective on Canoo from $20.00 to $18.50 and set a “buy” rating on the stock in a report on Friday, March 15th. Benchmark began coverage on shares of Canoo in a research report on Wednesday, April 17th. They set a “buy” rating for the company. Stifel Nicolaus reduced their price target on shares of Canoo from $34.50 to $17.25 and set a “buy” rating for the company in a research report on Tuesday, January 23rd. Finally, Wedbush began coverage on shares of Canoo in a research report on Friday, January 5th. They set an “outperform” rating and a $92.00 price target for the company. Five analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Canoo currently has an average rating of “Buy” and a consensus price target of $49.19.

Canoo Stock Performance

The company has a market capitalization of $189.97 million, a price-to-earnings ratio of -0.22 and a beta of 1.23. The stock’s 50-day moving average price is $2.74 and its 200-day moving average price is $4.78.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Arete Wealth Advisors LLC raised its holdings in Canoo by 114.5% in the 3rd quarter. Arete Wealth Advisors LLC now owns 77,000 shares of the company’s stock valued at $38,000 after acquiring an additional 41,100 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in Canoo in the 3rd quarter valued at $72,000. Kestra Private Wealth Services LLC raised its holdings in Canoo by 36.9% in the 3rd quarter. Kestra Private Wealth Services LLC now owns 174,300 shares of the company’s stock valued at $85,000 after acquiring an additional 47,000 shares during the last quarter. EP Wealth Advisors LLC acquired a new position in Canoo in the 3rd quarter valued at $133,000. Finally, Swiss National Bank raised its holdings in Canoo by 20.5% in the 3rd quarter. Swiss National Bank now owns 935,200 shares of the company’s stock valued at $458,000 after acquiring an additional 159,400 shares during the last quarter. 36.23% of the stock is currently owned by institutional investors and hedge funds.

Canoo Company Profile

Canoo Inc, a mobility technology company, designs, engineers, develops, and manufactures electric vehicles for commercial and consumer markets in the United States. The company offers lifestyle delivery vehicles, lifestyle vehicles, multi-purpose delivery vehicles, and pickups. It also provides multi-purpose platform architecture is a self-contained, fully functional rolling chassis that directly houses the critical components for operation of an EV.